Paid-for search outfit Espotting has signed an amended merger agreement with FindWhat.com. The new deal values Espotting at $170 million, up $7 million from the original deal.

Under the terms of the new agreement Espotting stockholders will receive seven million shares of FindWhat.com common stock and approximately $20 million in cash. The exact amount of cash may vary, based upon Espotting’s net assets on the closing date.

In addition, the deal now includes the issue of options and warrants to buy an estimated 800,000 shares of FindWhat.com common stock.

Once the merger is completed, the combined company would have approximately 33.5 million shares outstanding on a fully diluted basis. Of these, FindWhat.com's stockholders, employees, and affiliates will own approximately 25.7 million shares, and Espotting's stockholders, employees, and affiliates will own approximately 7.8 million shares.

The company would not disclose the reasons for the renegotiation of the deal. ®

Related Stories

FindWhat.Com finds $8m for Miva
FindWhat.com buys Espotting for $163m
Ask Jeeves: Why did you junk Espotting for Google?